Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #46: it’s a long story, but what happens in Vegas, stays in Vegas.
Anyone who’s ever been to Las Vegas knows there’s a certain buffer necessary between leaving and getting reacquainted with reality. It’s sort of like trying to get over jet lag.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #45: the late filing penalties for partnerships is expensive!
If your business is a partnership, then you should consider filing a business tax extension if there’s any chance you won’t be able to file a tax return by April 15. If you don’t, then your company is subject to some serious late filing penalties.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #44: you got married last year.
If this reason applies to you, congrats!
Now, are you ready for your first tax season together? Don’t worry too much if you aren’t because not too many couples are fully prepared for their very first April 15. How can you be? Between the wedding, moving, and the thank you cards there are plenty of other things to think about.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #43: it’s inexpensive – especially compared to penalties and interest.
Here’s what happens if you do nothing by the tax deadline, not even file a tax extension – for every $1,000 on your tax balance you’ll be penalized about $50 per month until you file. On top on that, you’ll owe interest (about 4-6% per year) on that same balance.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #42: Q1 is your busy season for sales.
A fact of life for many companies is the first three months of the year are crucial for sales. Budgeting, hiring, spending of all types are determined by how much money is brought in during the first quarter.
If that’s the case and the business is classified as a corporation, then there’s not a whole lot of time to prepare and file corporate tax returns while sales is occupying everyone’s time. The corporate tax deadline is March 15 – just a mere 11 weeks into the New Year. That deadline comes up awfully fast when the rest of the year depends so heavily on early-year sales.
The extra 5 months a corporate tax extension provides means peace of mind. That extra time means a business can get concentrate on their bread and butter those first three months and then think about how to get their taxes done.
Maybe you are new to filing a corporate tax extension. Or maybe you file one every single year. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by the the deadline. An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make a payment could make you subject to tax extension penalties and interest.
Got any thoughts about tax extensions? Let’s chat in the comment section below.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.
Here’s reason #41: you are out of the country and won’t return until after April 15.
If work or pleasure travel take you outside the country on April 15, one of the last things on your mind will be filing your taxes.
Instead of rushing to get your taxes done before you leave, filing a tax extension is the perfect option to leave your travel plans intact and deal with taxes when you get back home.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Here’s reason #40: Electronic Funds Withdrawal (EFW) allows you to include an electronic payment to the IRS with your extension.
Whether you are new to filing an IRS extension or you file one every year, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15. An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make a payment could make you subject to tax extension penalties and interest.
If you’ve been reading our Top 100 list, you know that I highly recommend that you e-file a tax extension over submitting it by mail. After all, it’s automatic as long as you fill out the form correctly.
The added benefit to e-file is the ability to include a payment directly from your checking or savings account. The IRS calls this type of payment and Electronic Funds Withdrawal. The even better part is that it’s simple. All you have to provide is your account number, your bank’s routing number, and the date you want the funds taken out of your account (make sure that date is before the deadline).
So no need for checks, just take the easy route and have your tax liabilty included with your tax extension.
Have you ever filed an IRS extension to file taxes for yourself or your business? Thinking about filing one this year? Drop me a note in the comment section below.
Last week we told you that snow is a perfectly good reason to file a tax extension. Looks like the folks at the West Virginia State Tax Commissioner’s Office agree.
West Virginia Governor Joe Manchin and State Tax Commissioner Christopher Morris announced yesterday that West Virginia businesses located in counties that were affected by weather conditions are encouraged to contact the Tax Commissioner’s office for assistance.
“We understand the challenges business owners are facing,” Manchin said, “And are willing to work with those affected by the weather conditions so they may avoid penalties and fees for late tax filings.”
Businesses that were not affected by recent snowstorms must still abide by designated due dates.
The Tax Commissioner’s office may be reached at (304) 558-0751.
